The UK Pension Auto Enrolment System in Essex
In 2008 in the United Kingdom, the Pensions Act of 2008 was passed, requiring all employers, no matter what size, to participate in the funding of employee’s retirement. It is based upon a pension auto enrolment system designed to help employees accumulate funds for their retirement.
It does not matter if an employer has thousands of employees or just one, or if the employer is a pet shop, a hairdresser, a solicitor, or an retail store, all must become a part of the scheme.
Minimum contributions must be at least 2% of wages of which at least 1% has to be from employer contributions. Of course an employer can contribute more if he or she wishes, but that is nice for employees, as it gives them some extra help in this regard.
The legislation was put into effect because of the fact that people are living much longer when they get into their retirement years, and there was a general complacency about setting aside funds for the inevitable time when we have to quit working and fend for ourselves financially.
Each employer was given a staging date, beginning with April 1, 2012, for existing employers, and to be determined with each new employer who goes into business after that date.
There are certain duties which the employer must maintain in order to remain compliant, including communicating in writing to the employees just what the plan is all about, and what the level of employer contributions are going to be.
In addition, employers will have to keep track of the names of the participating employees, their contributions, as well as the employer contributions and the dates when contributions were made. The sole purpose for the record keeping is simply to track who did what when in order to avoid any misunderstanding or problems in the future.
It is a common human condition to put off until later some things that are far off, and that don’t resonate in the present scheme of things. That is exactly how many people feel about saving for their retirement. It is just so far down the road, that it can always be taken care of later, until later comes and there is still nothing in the till.
The response from the public about this pension auto enrolment system has been very favorable, and especially so from employees as part of the funding has to come from the employer, it is free money for them.
If an employer does not comply, there are penalties and fines, and a court date involvement if the non-compliance becomes serious enough. However, it is the goal of the regulators to provide enough assistance to help an employer through the bureaucracy in order to pave the way through getting things set up.
There is a very thorough and well thought out set of steps and directions available on the government website that pertains to this issue, so if an employer has any questions at all, there are numerous examples that can be found there to help an employer through the process.
For more information on workplace pensions and payroll in Essex, get in touch with a professional accountant.
Benjamin Franklin once famously said,” There are only two certainties in life. They are Death and Taxes”. Deep down inside our conscience we absolutely abhor the idea of paying a slice of our hard income to the government in the form of taxes but it is a necessary evil. The tax revenues generated by individual governments are used for the betterment of infrastructure and other public services in an ideal scenario.
Since we have approached the complicated world of taxes we might as well gain a fair understanding and perspective for a user point of view. In the gamut and multitude of taxes we mainly have two umbrellas which are Direct Taxes and Indirect Taxes. The direct taxes are directly deducted from your income by the government while the indirect taxes are levied on the goods and services that we consume as customers. We are going to expend most of sensibilities in understanding a small component of the Indirect Tax umbrella which is VAT (Value Added Tax).
To a layman like me, the VAT simply means a tax levied on the value that is added to a good or a service. Ironically, it sounds counter-productive but let’s proceed for the sake of argument. Let’s take a look at the simple theoretical mathematical formula that explains the definition:
- I pay a fee (VAT) while purchasing goods or services from my suppliers.
- I charge a fee (VAT) while selling goods or services to other business houses or individual customers.
Ideally Point (1) – Point (2) should be equal to 0. If that is not the case you either need to pay the Tax Authority an additional VAT amount or you can claim a refund depending on which side of the equation you are perched.
One must register their respective Business with the country specific Tax Authority in order to avail the services that they are entitled to. There are three main accounting methods to calculate VAT:
Cash Accounting: VAT is considered on a per invoice basis i.e. when a payment is received for a good or service or when a payment is made for a good or a service. Most small business employ this method as it is more effective in keeping track of their cash flows.
Accrual Accounting: The main difference of this method from Cash Accounting is that the VAT amount is considered when an invoice is raised and not when it is received. It takes the Receivable or Payable period into consideration.
Flat Rate Accounting: This method was deployed for simplification of VAT calculations. Under this method businesses are given the provision of paying a smaller percentage of the VAT amount they are ideally entitled to pay but under the condition that they will not make any VAT refund claims for the same.
This is a brief monologue of the VAT universe that we are involved in. I hope the article clarified a few questions bogging you’ll. Find out how you can use VAT returns services at Royds Accountancy.
Need a Job? Need a New Employee? Penski Staffing Ltd Can Help
By Andrea Pedrick
When Barry L. Scholz opened his construction business 29 years ago, he knew he wanted to concentrate on projects and directing his employees on the job – not on the payroll and paperwork.
“Whether you have one employee or six on the payroll,l there is a lot of paperwork and reporting to the government,” said Scholz, owner of Barry Scholz – Builder, a residential carpentry business.
Scholz focuses his business on lesser and major renovation projects. Keeping up with the latest government regulations can be daunting for small business owners like him. That’s why he turned to Penski, Inc. Staffing for help with payroll and staffing. Penski specializes in human resources, payroll services, assessment and staffing services.
About Penski Incorporated
“It’s pushing 20 years now that Penski took over my payroll. I spend 15 to 20 minutes a week on paperwork and they do the rest,” said Scholz. “I love their services. I’m not worrying about withholding and deductions. It’s covered.”
Penski also provides skilled labourers to local construction companies. One of Scholz’s first employees came from Penski. Scholz’s company is one of dozens of construction firms that have come to rely on Penski payroll and recruitment services.
John M. Wicke, general manager, said Penski provides all levels of staffing to hundreds of firms annually, many of which are construction companies. “We pride ourselves on knowing our clients’ needs so we can provide the best possible candidate for a variety of positions. We have successfully partnered with leading construction companies by providing skilled, entry-level and mid level employees,” said Wicke. “Every day, we interview candidates and assess their skills to determine their talents and experiences. Our clients have come to count on our superior customer service and quality referrals that allow them to focus on their core business and have confidence in the skill level of our assignees. The difference in the cost of a ‘bad hire’ or of just filling the job opening versus using Penski Staffing to find the exact “fit” is significant.”
Jobs are available despite these difficult and challenging economic times, insists Stacey MacCue, branch manager of Penski. “There are employment opportunities out there for the job seeker. Employers will often use us during challenging times because they might not be able to make the long-term commitment in respect to employment. We offer a great service by allowing employers the convenience of trying out a prospective employee before they make any permanent decisions,” said MacCue.
Currently Penski is looking for job applicants who want to work in areas such as: administrative, technical, construction, labour, retail, call center positions, sales/marketing professionals, health care and not-for-profit positions. A person can be assigned for a day or for several months.
MacCue added that candidates undergo assessment testing to ensure the right job fit; and some people will receive soft skills training for job readiness. There are no out-of-pocket costs to the job applicant. However; companies pay a recruitment fee to Penski. MacCue said, “Our recruiting costs often turn out to be less then what the employer would pay on their own, especially when you add up all the costs associated with hiring, such as advertising, as well as the time involved in interviewing, recruiting and screening applicants. Our service allows the company to focus on its core business instead of the hiring process. We also provide them with outstanding candidates that fulfill their expectations resulting in higher productivity in the workplace.” Annually Penski places 1,500 people in careers that range from administrative and production positions to controllers and engineers.
Wicke credits the success of the company to its ability to meet the customer’s needs. Penski is focused on finding the right match of employer and employee. These are standards that were set by founders Robert and Judith Penski more than 25 years ago.
As a small or medium business owner, it is in your best interest to seek help from professionals who have more experience than you. A business advisor could provide you with helpful advice or guidance at different stages of your business venture. Here is why SMEs need business advisors like www.rbssconsulting.co.uk.
Creating a business plan
If you are in the early stages of your business venture, chances are you are still working on your business plan. Putting together a strong business plan that will help you secure funding and stay on the right track can be challenging. You might not be able to notice some of the inconsistencies in your plan or might not realize that some sections need more work. A business advisor can review your plan and help you improve it.
Funding your business venture
Funding is one of the biggest challenges you will have to face when you launch your business. You will also have to worry about funding at other stages of development if more rounds of funding are needed for your project. A business advisor will be able to help you assess your needs, compare different funding sources and put together strong arguments to find investors or donors.
Keeping you on track
The key to running a business efficiently is to set some goals and implement the strategies that will help you achieve these goals. It is important to set reasonable goals, choose the right strategies and review you results regularly to make sure you are on the right track. This is where the experience of a business advisor will make a difference.
Being an entrepreneur is hard! You need to be ready to work long hours and might get discouraged if you are not successful right away. Talking to an advisor will make things easier since they will have a lot of helpful advice on how to maintain a work-life balance, organize your time efficiently and know how to cheer you up when you feel discouraged.
Networking can be difficult if you are new to the local business community. Working with a business advisor will help you create new connections. You could end up finding new suppliers or even new clients and business partners by interacting with other entrepreneurs in your area. There are plenty of events you can attend to meet other entrepreneurs but your business advisor will probably introduce you to their contacts.
This is why SMEs need business advisors, whether you are launching a new business, need help with achieving your business goals or preparing for a new round of funding. Learn more about your different options by contacting local business associations or by looking for entrepreneurs who offer their services as mentors. If possible, look for someone who has plenty of experience with mentoring and who will be able to provide you with advice that is relevant to your niche and to the business structure and goals you are interested in.
People investing in the stock market do it with the intention of earning a good profit in the process. But a majority will lose money in the process due to inadequate knowledge or bad advice about investing in the stock market. The most common reasonable advice for people who are asking how to sell shares online is to buy low and sell high. The only problem with this theory is that no trader could sensibly predict when stocks are at their peak or rock bottom. The stock market is a creature with two heads, and it is always a bit of gamble.
Some of the more sound advice linked to the question of how to sell shares online would be for the trader to avoid emotions and set a price exit for his or her stocks. They should also pay thorough attention to the market and evaluate market trends before deciding to sell shares online. Emotions can cloud your decisions in selling shares at the right time. Greed and fear are two emotions that could cripple a trader and make the stock market a very dangerous playground for him/her. A seller filled with greed will wait for eternity until the stock prices go higher and higher. He/she will miss the point where they should have sold the stocks once it reached a certain price point. The stock prices could go either way once you sell your stocks. This should not make you regret your decision to sell the stocks, and let regret get the better of you on your next trade. Always remember that stock trading is a bit of a gamble, and you cannot be 100% accurate every time.
Setting an exit price point for your stocks is one of the most important techniques for people who are having questions on how to sell shares online for profits.
Customer Relationship Management is a term used to define the approach or process that a business uses to examine and learn more about the needs and purchasing behaviors of customers with a view to developing stronger and long-term relationships with them. Even though considerable time and expense may be involved in executing CRM solutions, its benefits and advantages are numerous.
Some of the Customer Relationship Management advantages include:
Better Customer Service
A CRM system enables the business to personalize and customize relationships with its customers irrespective of which employee deals directly with the customers at any particular time. Every employee becomes better informed about the specific needs of each customer since CRM systems conveniently keep a repository of customer profiles. This enables them to treat each client individually.
CRM is very helpful to the organization when it comes to modifying its level of service easily and quickly to suit the profile of each customer. When, as a result, the customer service improves, customer loyalty will increase and customer dissatisfaction decrease. In addition, CRM systems are helpful to the company in receiving customers?? feedback concerning the products they have purchased.
Additional Customers and Revenue
One of the most important Customer Relationship Management advantages is more customers and revenue. With a CRM system in place, the organization can effectively identify prospective customers. While keeping track of the existing customer profiles, the business can create new strategies that can help in determining the demographics targeted to help it obtain a broader customer base. Thus, a business can use CRM information to coordinate its marketing and promotional campaigns in a more efficient way by ensuring that people who are already customers are not targeted by such promotions. Also, CRM guarantees augmented customer retention via the implementation of loyalty programs.
Easier Marketing and Sales
CRM aids businesses in establishing improved communication channels. For instance, business might be made more convenient for the company and its sales reps through a website. Besides, organizations are put in a better position to provide customers with the option of deciding on how they prefer to be approached or contacted. Speed is also among the main Customer Relationship Management advantages. Because of the increased efficiency customer leads and information, closing deals can be made faster, thanks to CRM systems. Since turnaround time decreases significantly, the company makes gains. Also, since data can be shared among different company departments, employees can works efficiently as a team as compared with working separately or in isolated groups.
Considering the above, it is clear that the Customer Relationship Management advantages for your business are many.
A good bookkeeping service will help you save money. This is true if you own a business or if you need to adopt better bookkeeping habits for your household budget. Here are a few bookkeeping tips to help you save money and improve your financial situation.
Plan all your expenses in advance. You should never purchase an expensive item or make a major investment before planning it. Go over your finances to see if you can afford the expense and make plans to put money aside if you cannot afford the expense right away.
Keep track of all your expenses. If you ask a professional for bookkeeping tips, they will tell you to find a way of easily tracking your expenses. You could get in the habit of keeping your receipts or use online banking to see how much you are spending. Keeping track of all your expenses will make filing for taxes a lot easier since all your deductions will already be recorded.
Look for ways to reduce your expenses. You should go over your weekly expenses and look for things you did not really need. Small expenses can quickly add up and can easily be eliminated. For instance, you can save on your household budget by avoiding eating out and save on your business budget by ordering your supplies in bulk.
Put as much money aside as possible. You should open a savings account and put money that is leftover at the end of the month in it. If you own a business, putting money aside will give you the possibility of investing in marketing or better products.
These bookkeeping tips will help you save money and get organized. You should set aside a few hours at the end of each week to go over your expenses and bills so you do not get behind on your bookkeeping.
The type of service you give figures out whether or not the consumer will certainly make a purchase, utilize your service, and or discuss the information with others. Working with an expert telephone answering service can give clients with instant response to their needs boosting the total top quality of business.
Fewer Messages, Fewer Dropped Calls
Given that company hrs usually are not all day long you and your team are not readily available to take the telephone calls, comments, and problems that your customers or consumers could have. Having a call answering service would mean that your customers would have their necessities complied with whenever necessary.
Personalized Call Answering Service to Meet Your Needs
When you work with a respectable company call answering service you are not just going to receive a generic receptionist or automated voice device. Companies could have individualized services that cater to the needs of the company and consumers. Trained representatives will certainly provide top quality customer care and answer the needs of the customers to the most effective of their understanding.
All the time Service
Servicing customers could end up being a 24/7 job if you run an online company. Live answering service all the time however, would soothe you of needing to tend to the needs of your clients during off business hours. Consumers can contact the call facility for remarks, questions, and worries, with the choice to leave a message if they need further help.
Make sure to deal with a reliable business that will give you with extremely certified and educated reps. Clients feel far better recognizing that you bought their satisfaction. By purchasing a telephone answering service you will certainly see renovations in customer contentment which consequently will improve the total high quality of your company.
The kind of service you give figures out whether or not the client will certainly make an investment, utilize your service, and or discuss the info with others. Employing a professional telephone answering service can offer customers with immediate response to their necessities enhancing the overall quality of business.
Having a call answering service would certainly suggest that your clients would have their needs complied with whenever essential. Educated agents will certainly give quality customer service and answer the necessities of the consumers to the best of their expertise.